WOODCLIFF LAKE, N.J. -- NYCE Corporation has established a new Emerging Network Payments group, which is focused on extending the company's real-time transaction processing capabilities beyond its current ATM and on-line POS debit core services.
The Emerging Network Payments group is the latest in a growing number of NYCE teams dedicated to exploring new products and services. Others include the Advanced Products Group, which played a key role in developing SafeDebit, which allows consumers to make real-time, PIN-secured purchases on the Internet with funds withdrawn directly from deposit accounts. And NYCE's Network Services and EFT Processing business units develop enhancements to the company's core product offerings.
One of the initiatives that will be tackled by the new Emerging Network Payments group is the development of "PIN-less" transactions -- funds transfers initiated using different means of authentication and verification, yet processed through the existing ATM and POS infrastructure.
Neil F. Axe recently joined NYCE to head up the Emerging Network Payments department. Axe joins NYCE from Dun & Bradstreet, where he managed traditional credit and e-commerce data and application products. He also spent almost 10 years with Discover Card in marketing and business development functions.
James Judd, senior vice president with NYCE, said, "(Neil) and the Emerging Network Payments group are already working aggressively on a new person-to-person (P2P) payment offering and are slated to explore a wide range of new product capabilities, all designed to uphold financial institutions' evolving business goals."
